<p>
    In backtesting our algorithm achieves a Sharpe ratio of 0.332 relative to S&P 500 (SPY) Sharpe ratio of 0.893 for the past 10 years.
    The performance indicates using the idea of same-calendar month returns makes sense. Interested users can build upon this implementation by trying the following extensions: 
</p>
<ol>
    <li>Using the same-calendar months of multiple years (e.g. the last 5 years), instead of using the previous year as we did in this tutorial, to get more stable monthly returns.</li>
    <li>Using discounting to capture time effects in the returns.</li>
    <li>Creating the initial universe using different criteria such as quarterly, rather than monthly, returns.</li>
</ol>